Quirky files for bankruptcy and announces plans to sell Wink

Quirky is filing for bankruptcy and making plans to sell off Wink, its smart home platform. The inventive hardware startup has been publicly struggling over the last year, pivoting away from its original and unprofitable model of building products suggested by its community and focusing instead on making partnerships with established companies like GE. But at that point, Quirky still had a lot to recover from. As described in a Verge report earlier this year, Quirky was mismanaged and burning through its remaining funds. As of July, Quirky said that it had run out of cash. Layoffs followed, and the company's CEO and founder was replaced by its finance chief.

Quirky is now voluntarily filing for restructuring under Chapter 11, with...